Market Overview for Ethereum/Zloty (ETHPLN) on 2025-11-09

Summary• ETHPLN opened at 12,412.0 and traded within a 70-point range, closing at 12,487.0.• Price action showed early bearish pressure followed by a late bullish reversal.• Volume spiked during key turning points, confirming trend changes.• RSI and MACD suggest mixed momentum, with a slight bullish bias.• Bollinger Bands indicate moderate volatility and potential for a breakout.

Ethereum/Zloty (ETHPLN) opened at 12,412.0 on 2025-11-08 12:00 ET, reached a high of 12,503.0, a low of 12,334.0, and closed at 12,487.0 by 2025-11-09 12:00 ET. Total volume for the 24-hour period was 11.9823 ETH, and turnover was approximately 149,708,940.0 PLN. The price action revealed a dynamic 24-hour session with a bearish start and a strong late bullish push.

Structure & Formations

Price began with a bearish trend, marked by a sharp decline from the open, forming a Bearish Gravestone Doji on the first candle. A Bullish Engulfing Pattern emerged around 21:00 ET as price reversed to close near the high of the session. A key resistance level was identified near 12,474.0, where a sharp pullback occurred. A support level around 12,346.0 held for a time but eventually broke due to bearish pressure.

Moving Averages

On the 15-minute chart, ETHPLN closed above the 50-period MA and slightly below the 20-period MA, indicating a mixed trend signal. On the daily chart, the price closed just above the 200-period MA, which could act as a long-term floor. The 50-period MA crossed above the 100-period MA in recent sessions, suggesting a modest bullish bias.

MACD & RSI

The MACD line crossed above the signal line around 21:00 ET, signaling growing bullish momentum. However, the RSI peaked at ~60 and dipped to ~40 in the final hours, suggesting moderate momentum without overbought or oversold conditions. The divergence between the MACD and RSI suggests a mixed but potentially consolidation-heavy market state.

Bollinger Bands

ETHPLN traded between the middle and upper band for much of the session, indicating moderate volatility and bullish participation. A volatility contraction was observed between 17:00 and 18:30 ET, followed by a volatility expansion as the price surged. The close near the upper band suggests a potential short-term breakout scenario.

Backtest Hypothesis

Given the presence of a Bullish Engulfing Pattern and a MACD crossover, a potential entry signal could be set at the open of the candle following the pattern. An exit rule such as "close at 12,474.0 PLN" or "carry to end of period" could be tested. As the ETH/PLN data is not consistently available, a fallback using ETH-USD with a fixed USD/PLN conversion rate could be implemented for backtesting. If confirmed, this would allow for a historical equity curve to assess the pattern's viability.

Volume & Turnover

Volume spiked during key turning points, notably during the Bullish Engulfing Pattern (19:30–20:45 ET) and the final push to the high (21:00–23:45 ET). A divergence was noted between price and volume during the morning hours, where price declined without a proportional increase in volume, suggesting weaker bearish conviction.

Fibonacci Retracements

A key 61.8% retracement level at 12,430.0 was tested multiple times during the session, with a final close above this level suggesting a potential continuation of the bullish phase. On the daily chart, a 38.2% retracement level at 12,470.0 is in play, with a possible target at 12,520.0 if bullish momentum holds.

Looking ahead, ETHPLN appears to be at a potential inflection point, with a bullish bias supported by strong volume and technical indicators. However, traders should monitor the 12,474.0 resistance level and the 12,346.0 support area for potential volatility. A break above 12,500.0 could confirm a resumption of the bullish trend, but a retest of 12,400.0 remains a risk in the short term.